Financial Woes

posted 5 months ago in Career
Post # 16
Member
34 posts
Newbee

talula23 :  I just did a very quick Google search and it does appear that the payments are calculated base on AGI on your tax return. For income driven payment plans they generally use combined incomes regardless of whether you file jointly or separately, so even filing separately probably wouldn’t help you.

You won’t get “screwed over” on taxes if you get married. You will get a bigger standard deduction, and if you do things to enable you to itemize your deductions (ie. buy a house, pay state taxes, track medical expenses, etc.) you can greatly mimimize your tax burden. When you itemize, you MAY even qualify to take a student loan interest deduction which would be helpful to you.  Your eligibility for that deduction depends on AGI and family size. 

My recommendation to you would be to talk to someone at your Student Loan lender and a tax professional, honestly. You’re operating from a lot of assumptions and until you know the real answer you aren’t really equipped to make the best decision.  I can tell you that I suspect your payment WILL increase when you marry, and that if youre combined income is six figures that will likely set your payment amount at an amount that will pay your student loans off in ten years anyway.  If that’s the case, pursuing the loan forgiveness may mean you put off getting married too. 🙁

Post # 17
Member
14067 posts
Honey Beekeeper
  • Wedding: June 2011

 talula23 :  ooouch!!  yeah, I can see why the loan forgiveness can look very tempting.  But like you said, if they change the program or don’t honor it (who knows what will happen in 10 years), you’re pretty screwed like you said, esp if your payments don’t even cover interest meaning you’d likely owe MORE than that??  It sucks, but I personally don’t think I’d count on the forgiveness and jsut try to find as high a paying job as I can and try to repay it.  (I’m also assuming that not working a non profit could be higher salary than a non profit?)

Post # 18
Member
1161 posts
Bumble bee
  • Wedding: October 2016

You’re a PA and you aren’t making 6 figures?

Post # 19
Member
34 posts
Newbee

 

jannigirl :  I don’t doubt it if she’s working at a government agency or nonprofit, and depending on where she lives. Public sector pays less, and more rural areas also pay less. Here’s a link to average PA salaries in Oregon, as you can see many below six figures: http://www1.salary.com/OR/Physician-Assistant-Medical-salary.html

 

This is the second thread I’ve seen you on today in which you purposefully attempt to minimize the OP.  Any particular reason why?

Post # 20
Member
14067 posts
Honey Beekeeper
  • Wedding: June 2011

darkphoenix1 :  Dont mind her.  She kinda just shits on everyone in just about every thread that I’ve seen her comment on….

Post # 22
Member
1445 posts
Bumble bee

Ok you might not like me after this post but that’s ok.  I would strongly encourage you to look at Dave Ramseys Financial Peace University.  You’ve got a huge debt mess on your hands and his program is perfect for people who want to take care of their huge mess quickly.  If you are serious about it, it’s going to suck big time.  I wouldn’t bother with the loan forgiveness program as you are right it might not being around for 10 years plus who wants to be in debt that long.  Second it’s probably time to look at a higher paying job until you get your mess cleaned up.  I know the non profit job you may like better but you can go back to that once your student loans are paid off.  

 

If if you want you can accomplish all of these goals but it’s going to take some time and a lot of hard work.  

Post # 23
Member
722 posts
Busy bee
  • Wedding: June 2017

happy2bee :  Dave Ramsey was the first name that came to mind when I read the OP.  My coworkers are big fans of his podcast and I followed his snowball method to pay off my student loans much faster (granted, they weren’t $100K+ but still a decent amount).

Post # 24
Member
425 posts
Helper bee

darkphoenix1 :  because she always has something shitty to say to someone. 

Post # 26
Member
795 posts
Busy bee

I deeply wish our student loan balance was only $165K. It’ll be the better part of 10 years before we can get it that low, and that’s with $3K monthly payments. 

Honestly, with the shitbags currently in charge of things like lending and loan repayment, I’d unmarry yourself from the idea of PSLF like right now. Your best bet is to take a higher paying PA job and throwing every spare cent you have into your loans. We live in a high cost of living area (Manhattan) and my husband makes virtually nothing right now but we still stay committed to paying the maximum amount we can. 

Post # 27
Member
775 posts
Busy bee
  • Wedding: June 2018

I feel you. I’m in a very similar situation. I have over 300K in loans (seriously.) and my fiancé has none. I just don’t feel comfortable relying on the PSLF as I think it’s very unlikely to be around in 6 years when I’ll be eligible for it. I reconsolidated my loans last year and got a lower interest rate, with the intention of paying it off in 7 years. Have you checked into reconsolidating? You can save tens of thousands of dollars by getting the interest rate down. You won’t be eligible for the PSLF if you do it, but I just don’t know if that’s really a viable option. This year will be the first year anyone will be eligible (since it started in 2007 and was a ten year commitment) so I guess we will see at the end of the year if it’s working for anyone…

Post # 28
Member
1304 posts
Bumble bee
  • Wedding: June 2017

talula23 :  DO NOT KEEP YOUR LOANS AROUND LIKE A PET!

Suffer for 3 years and pay them off and be rid of debt. FI and I chose to suffer in a really tiny attic apartment so we can pay his loans off and have our dream wedding. We live on next to nothing 90% of the time. We’re getting married in 3 and a half weeks, and will have his loans done in another year.

It’s 100% worth it.

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